FEDERAL RESERVE SYSTEM [Docket No. R-0974]
Enhancement of Federal Reserve AGENCY: Board of Governors of the Federal Reserve System. ACTION: Notice of Proposed Service Enhancement; Request for Comment SUMMARY: The Board is requesting comment on a proposal for the Federal Reserve Banks to offer an enhanced net settlement service to depository institutions. The proposed service would combine and improve selected features from the Reserve Banks' existing net settlement services. Under the proposal, the Federal Reserve Banks would offer an enhanced and fully automated net settlement service that would provide participants in clearing arrangements using the service with finality of settlement intraday on the settlement date. The service would facilitate improvements in the operational efficiency of clearing arrangements by providing the settling participants in such arrangements with an on-line mechanism to submit an electronic file of settlement information to the Federal Reserve. Besides providing operational improvements, the enhanced service is intended to facilitate a reduction in the duration of settlement risk for private-sector clearing arrangements. DATES: Comments must be received on or before August 11, 1997. ADDRESSES: Comments should refer to Docket No. R-0974 and may be mailed to Mr. William W. Wiles, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, N.W., Washington, D.C. 20551. Comments may also be delivered to the Board's mail room between 8:45 a.m. and 5:15 p.m. on weekdays and to the security control room at all other times. The mail room and the security control room are accessible from the courtyard entrance on 20th Street between Constitution Avenue and C Street, N.W. Comments will be available for inspection and copying by members of the public in the Freedom of Information Office, Room MP-500, between 9:00 a.m. and 5:00 p.m. weekdays, except as provided in Section 261.8 of the Board's Rules Regarding Availability of Information. FOR FURTHER INFORMATION CONTACT: Jeffrey Marquardt, Assistant Director (202/452-2360), Paul Bettge, Manager (202/452-3174), Myriam Payne, Senior Analyst (202/452-3219), Division of Reserve Bank Operations and Payment Systems, Board of Governors of the Federal Reserve System; for the hearing impaired only, Telecommunications Device for the Deaf, Diane Jenkins (202/452-3544). |
Summary and supplementary information (31 KB PDF)
1997 Banking and consumer regulatory policy